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Market News XRP Price Sinks 3% but Keeps Grip on $0.50 as SEC Throws Hail Mary

XRP Price Sinks 3% but Keeps Grip on $0.50 as SEC Throws Hail Mary

Despite a 3% drop in XRP pricing, Ripple is collaborating with Montenegro to create a central bank digital currency while also facing new obstacles from the SEC.

Skylar Shaw

2023-04-13

11516

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Following a rise that pushed it to over $0.53, XRP has fallen down 3% to the $0.50 region. As the No. 6 cryptocurrency reportedly gains momentum to make another breakthrough, the situation still seems positive.

The outcome of the SEC lawsuit, which is widely anticipated to go in Ripple's favor, will have an impact on the price of XRP. The lawsuit has been dragging on for two years, and the XRP army anticipates that once it is determined, XRP will have more room to grow. It is unclear if a positive conclusion would cause XRP to return to the $1 level. The SEC looks to be trying to delay things in the meanwhile.

SEC vs. Ripple:

In a letter of additional authority that was submitted, the SEC makes a new legal claim. The regulator intends to use the outcome of a different case it is engaged in as leverage against its adversary Ripple.

In the aforementioned case, a Massachusetts judge denied Commonwealth Equity Services' cross-motion for summary judgment while granting the SEC's request for the same. By failing to disclose certain conflicts of interest, Commonwealth Equity "violated negligence-based provisions of the...Advisers Act," according to the court's ruling.

Now, the regulator seeks to use that decision as further legal support in its lawsuit against Ripple in an effort to undermine the blockchain company's justification for a "fair notice defense." The SEC is being called out on social media by the XRP army, who claims that the regulator is trying to use this as a delay tactic in a case that has been favoring Ripple.

CBDC of Montenegro and Ripple

It doesn't seem like the pending SEC litigation is limiting Ripple's options. The central bank digital currency (CBDC) initiative with Montenegro has joined with the blockchain-based cross-border payments provider. Ripple will develop a digital currency strategy and a test-bed for a stablecoin or CBDC. Although there are few specifics about a CBDC or stablecoin, Montenegro utilizes the euro as its official currency.